Egypt’s Hassan Allam plans to list shares in Cairo, London

Hassan Allam is a general contractor operating in Egypt, where it employs more than 34,000 people. (AFP)
Updated 08 October 2018
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Egypt’s Hassan Allam plans to list shares in Cairo, London

  • Hassan Allam is a general contractor operating in Egypt, where it employs more than 34,000 people
  • It did not give a date or pricing information for the share offer

CAIRO: Egyptian construction and engineering group Hassan Allam said on Monday that it would float up to 44.3 percent of its shares on the Egyptian Exchange and the London Stock Exchange.
The company said it intended to use the proceeds to develop solar assets, fund its water platform, acquire a specialty engineering company, and support continued growth in construction and building materials businesses.
Hassan Allam is a general contractor operating in Egypt, where it employs more than 34,000 people, and through subsidiaries in Saudi Arabia and Algeria, according to an announcement of the sale on the company’s website.
It did not give a date or pricing information for the share offer.
Renaissance Capital and EFG Hermes will be joint global coordinators for the sale, and together with Arqaam Capital will also act as joint bookrunners, the company said.
It said the selling shareholders were the Hassan Allam family, which collectively owns an 86.2 percent stake in the company, as well as the International Finance Corporation, which owns a 13.8 percent stake.
The announcement of the sale comes amid a surge of private and public offerings that will test investor appetite in Egypt at a time of emerging market turbulence.


Unaoil’s former Iraq partner pleads guilty to bribery

Updated 37 min 45 sec ago
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Unaoil’s former Iraq partner pleads guilty to bribery

  • It is the first guilty plea to result from a three-year investigation by the Serious Fraud Office into suspected bribery and money laundering
  • Unaoil is a Monaco-based oil and gas firm

LONDON: The former partner in Iraq for Unaoil, a Monaco-based oil and gas consultancy, has pleaded guilty to five counts of bribery in the first conviction in a three-year criminal investigation by Britain’s Serious Fraud Office (SFO).
Basil Al Jarah, 70, pleaded guilty on July 15 to conspiring to give corrupt payments in connection with the award of contracts to supply and install single point moorings and oil pipelines in southern Iraq, the SFO said.
Al Jarah’s conviction, which comes six months before three other defendants in the case face a criminal trial in London, was announced after a judge lifted reporting restrictions in a pre-trial hearing on Friday, the SFO said.
Ziad Akle, Unaoil’s former territory manager for Iraq and Stephen Whiteley and Paul Bond, who worked for Dutch-based oil and gas services company SBM (Offshore), have pleaded not guilty.
Akle, 44, has been charged with three offenses of conspiracy to make corrupt payments. Bond, a 67-year-old former senior sales manager with SBM (Offshore), and Whiteley, a 64-year-old former vice president of SBM (Offshore) and one-time Unaoil general territories manager for Iraq, Kazakhstan and Angola, each face two counts.
Sam Healey, a lawyer at JMW Solicitors who is representing Whiteley, said his client “strenuously denied” all alleged offenses.
“Mr Whiteley co-operated fully with the SFO as they opened their enquiries and will rigorously defend the charges,” he said.
Lawyers for Al Jarah and Bond declined to comment. A lawyer for Akle was not immediately available for comment.
A spokeswoman for Unaoil declined to comment, while SBM Offshore has said it is company policy to not comment on past or current employees.